Photo: Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following an FOMC meeting in Washington, D.C., on December 14, 2022. Photographer: Al Drago/Bloomberg Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following an FOMC meeting in Washington, D.C., on December 14, 2022. Photographer: Al Drago/Bloomberg

Federal Reserve officials last month affirmed their resolve to bring down inflation and, in an unusually blunt warning to investors, cautioned against underestimating their will to keep interest rates high for some time.

Going into the meeting, markets were pricing in rate cuts in the second half of 2023. The tone of the minutes of the Federal Open Market Committee’s (FOMC’s) gathering on December 13 and 14 suggested frustration that these market bets were undermining the central bank’s efforts to bring price pressures under control.

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